Foreign buyers of BFC residences expected higher than The Sail @ Marina

The proportion of foreign buyers for the the residential units at the Business and Financial Centre is expected to be higher than the 30 percent recorded at The Sail at Marina.This is according to marketing agent of the project, CB Richard Ellis.The property consultant says foreign buying has now trickled down to the mid-end segment of the market.

The residential component of the Business and Financial Centre has received strong overseas buyer interest in its pre-launch.

Marketing agent CB Richard, the marketing agent of the project, said that the proportion of foreign buyers should outnumber that of the neigbouring Sail @ Marina.

“I think if I look forward, recently with the announcement of the integrated resort and also there has been a lot of publicity on the huge growth in private banking and a lot of people are coming in, I would think the percentage of foreign buyers for BFC apartments will be much more than 30 percent,” said Willy Shee, Chairman, CB Richard Ellis Asia.

There has been interest to buy up whole floors, with foreign buyers coming from a wider geographical spread.

“We found the profile of the buyers expanding. Traditionally, our buyers are from Indonesia, Malaysia,
Hong Kong. Now we find that there has been an increasing interest from Europe, mainland China, Russia and
Australia. So we are seeing a much broader base of foreign buyers now,” said Mr Shee.

CB Richard Ellis says prices of the BFC homes are expected to match subsales of The Sail at $1,400 to $1,650 per square foot if not more, and looking into the next 24 months, the strength will not be confined only to the high-end.

Consultants reckon that foreign buying, spurred by the influx of middle managers, should begin to flow into the middle segment of the residential market.

CB Richard Ellis predicts that the mid-end private apartments will rise by 10 percent in 2007.

Source: Channel NewsAsia, 20 September 2006

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